Can't get a decent interest rate. Tips???

Can't get a decent interest rate. Tips???

Applied for a car loan through lendingtree.com and got only 1 offer from roadloans who provided 3 basic loan scenario's with varying downpayment combo's (1500, 2500, 3500) and interest rates between 22 and 24% for upto 18K...

On my credit report: 1 negative line on my credit report which is a paid/satisfied judgement in the amount of $1,639. The judgement will off in august this year although I have recently disputed it in the hope it will be removed before August. 4 Total positive trade lines, 1 is from Mercedes-Benz credit (lease) which is almost 7 years old and is positive. No lates, charge-off's etc.

Don't have much credit right now and most were credit lines were secured within the last 6 months; Capital One Secured $200, JC Penny $250, Orchard $300 Unsecured, Wal-Mart $500, Value City Furniture $1,000 Kay Jewelers $2,500 and Furniture Row $3,500.

Re: Can't get a decent interest rate. Tips???

I agree with going to a CU to see what they can do. My credit profile has similarities to yours and I was approved for a PSECU auto loan last night, it was an instant approval online. I only requested $5500 as I'm looking to just purchase a cheap 4X4 but it was nice to get 3.99% when having the payments automatically drafted from a PSECU account.

Re: Can't get a decent interest rate. Tips???

Varakai wrote:

Applied for a car loan through lendingtree.com and got only 1 offer from roadloans who provided 3 basic loan scenario's with varying downpayment combo's (1500, 2500, 3500) and interest rates between 22 and 24% for upto 18K...

On my credit report: 1 negative line on my credit report which is a paid/satisfied judgement in the amount of $1,639. The judgement will off in august this year although I have recently disputed it in the hope it will be removed before August. 4 Total positive trade lines, 1 is from Mercedes-Benz credit (lease) which is almost 7 years old and is positive. No lates, charge-off's etc.

Don't have much credit right now and most were credit lines were secured within the last 6 months; Capital One Secured $200, JC Penny $250, Orchard $300 Unsecured, Wal-Mart $500, Value City Furniture $1,000 Kay Jewelers $2,500 and Furniture Row $3,500.

Why can't I get a decent interest rate. I have only tried it through lendingtree.com and was horrified and stopped checking with anybody else.

You lack recent good debt and debt history with a collection showing. Most all of you rcurrent credit it recent and not high balance.

There is a high chance that you can get much better financing through a dealership, especially on a new car with a subvented rate, but in all honesty lendingtree is not very working with people with credit issues.

You could also go to your existing bank and talk to a loan manager, and also there is the credit union approach.

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Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.